Comcast Corporation posted an increase in fourth-quarter profit, thanks especially to an increase in telephone and broadband subscriptions.
According to the Philadelphia-based company, net income tripled to $390 million, or 18 cents a share, from $133 million, or 6 cents, a year earlier. Revenue gained 30% to $7.03 billion. The company also announced a 3-for-2 stock split.
Comcast Chairman and CEO Brian L. Roberts says that "2006 was simply our best year ever.” The company did especially well with its so-called “Triple Play” offering of cable, telephone and Internet services.
The company added 1.9 million digital cable subscribers, up 59% from the year before, as well 80,000 basic cable subscribers. In 2005, it lost 141,000 basic cable subscribers. Pay-per-view revenue increased 27% to $633 million in 2006.
In telephony, Comcast Digital Voice (CDV) services are now marketed to 68% of the company’s footprint. The company ended the year with 1.9 million CDV customers producing revenue of $955 million in 2006 in 5.7% of available homes.
Comcast saw a 19% increase in high-speed Internet subscribers, ending the year with 11.5 million subscribers with a revenue of $5.5 billion.
Comcast also a 15% increase in revenue from its programming division, which consists of E! Entertainment Television and Style Network (E! Networks), The Golf Channel, VERSUS (formerly OLN), G4 and AZN Television. The division reported $1.1 billion in 2006 revenue though operating cash flow decreased to $241 million thanks to investments like VERSUS’ coverage of the NHL.